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Micron Cuts Jobs Amid a Challenging Global Memory Market

U.S.-based semiconductor manufacturer Micron Technology Inc. said Thursday (June 30) it'd cut an unspecified amount jobs as part of a string of cost cutting initiatives in the face of challenging conditions in the international memory chip market.

Mark Durcan, Micron CEO, said in a conference call with analysts following Micron’s quarterly report that the firm considers the cost cutting measures are wise and will help provide the greatest long term results for the business.
Micron reported revenues of $2.9 billion for its fiscal third quarter, which closed on June 2, marginally below consensus analysts’ expectancies. Revenues were down slightly compared with the preceding quarter and down 25% compared with exactly the same period of 2015.

The semiconductor memory market has been troubled with oversupply, creating pricing softness for over a year. DRAM represents about 60% of Micron’s sales.

Micron said its DRAM units sales rose 22% in the fiscal third quarter, but that the increase was partly canceled by up to an 11% decrease in average selling prices. Unit shipments of non-volatile memory fall 10%, coupled with a 6% decline in average selling prices in the fiscal third quarter, Micron said.

Micron said it anticipates revenue for the fiscal fourth quarter to be between $2.9 billion and $3.2 billion, marginally below consensus analysts’ expectations.
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